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2018 Tax Bill Changes

Christopher Ozar

Christopher is the Team Leader of the Ozar Group Real Estate Team...

Christopher is the Team Leader of the Ozar Group Real Estate Team...

Jan 24 2 minutes read

Here is what you need to know as a home-owner or buyer:

#1: Property Tax Deduction

The original law allowed qualifying taxpayers to reduce their taxable income by the total amount of property taxes paid. Starting in 2018, individuals will be limited to a $10,000 deduction for the cost of state taxes, property taxes and sales taxes. So wave goodbye to those write-offs.


#2: Mortgage Interest Deduction (primary and second homes)

The mortgage interest deduction cap is reduced to $750,000, instead of $1 million.

#3: Home Equity Deduction
 
Prior to 2018, the tax law gave a deduction for interest paid on home equity debt “for reasons other than to buy, build, or substantially improve your home.”
The 2018 tax bill eliminates the deduction for interest paid on home equity debt.


*Please note that Ozar Group and Resources Real Estate do not offer tax advice. You should always refer to your own tax professional for specific questions about how the tax law affects you.


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